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Oil sands news, news releases and editorials worldwide
Comprehensive oil sands news online every business day |
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Most recent Oil Sands news |
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OPTI CANADA INC.
Tuesday, June 30, 2009
OPTI Canada Inc. announced that it has successfully repriced its previously announced public offering of common shares. Pursuant to the offering, OPTI will issue 85,720,000 common shares at a price of $1.75 per share, representing a premium of $0.05 per share or approximately 2.9% to OPTI’s previously announced price of $1.70 per share, for total gross proceeds of approximately $150 million. Property: LONG LAKE (NEXEN/OPTI)(Complete Text of Jun 30, 2009 News Release) 
PETROBANK ENERGY AND RESOURCES LTD.
Monday, June 29, 2009
Petrobank Energy and Resources Ltd. has priced the previously announced offering of convertible notes due 2015, with an offering size of US$400 million principal amount. The US$400 million offering size includes the full exercise of the US$100 million over-allotment option. The offering was conducted by private placement and was led by ABG Sundal Collier Norge ASA.
The notes to be issued by Petrobank are convertible into common shares of Petrobank, have an annual coupon of 5.125% and a conversion price of US$38.08 (Cdn$44.01) per Note, representing a conversion premium of 30% to the volume weighted average Petrobank common share price during the two day trading period ending June 26, 2009, of Cdn$33.85. Petrobank has the option to call the Notes after four years, should the price of Petrobank’s common shares exceed 140% of the prevailing conversion price of the Notes. The exchange rate to determine the number of Petrobank common shares underlying the Notes is US$1.1556/Cdn$1.00. Each holder of Notes will have the one-time right, on July 10, 2012, to convert their Notes at the Early Conversion Price. (Complete Text of Jun 26, 2009 News Release)
CONNACHER OIL AND GAS LIMITED
Tuesday, June 16, 2009
Connacher Oil and Gas Limited announced today it has closed the sale of US$200 million face value of 11.75% First Lien Senior Secured Notes due July 15, 2014 at a price of 93.678%, resulting in a yield to maturity of 13.5% and gross proceeds of approximately US$187 million. Connacher, having closed this debt financing, will proceed with the reactivation of the Algar Project. Following completion of a brief pre-start-up organizational period, work is anticipated to commence and the Corporation anticipates that construction at Algar and the drilling of the 15 SAGD well pairs will take approximately 275 days
from commencement of field activities. This will be followed by requisite plant commissioning and steaming of the SAGD well pairs, which will require additional time of approximately 120 days, prior to commencing Algar production and its ramp-up towards full plant capacity of 10,000 bbl/d of bitumen. Property: GREAT DIVIDE (CONNACHER)(Complete Text of Jun 16, 2009 News Release)
CANADIAN OIL SANDS TRUST
Wednesday, June 10, 2009
Canadian Oil Sands Trust reported that the planned turnaround of Coker 8-3 at the Syncrude project in Alberta, Canada. During the turnaround modifications also were made to the coker with the aim of improving yield and run length. Property: SYNCRUDE (MILDRED LK. & AURORA N.)(Complete Text of Jun 9, 2009 News Release)
DELORO RESOURCES LTD.
Monday, June 08, 2009
Deloro Resources report that the Production testing has commenced on schedule on the Wilkie heavy oil project in the Province of Saskatchewan, Canada. Current testing is evaluating one of the six wells on the property. This testing will continue to evaluate the full production potential of a horizontal well and the new technology being utilized. Property: WILKIE AREA(Complete Text of Jun 8, 2009 News Release)
CONNACHER OIL AND GAS LIMITED
Friday, June 05, 2009
Connacher Oil and Gas announces that it has closed its previously announced equity financing of 191,762,500 common shares at a price of $0.90 per Common Share for gross proceeds of $172,586,250, which includes the proceeds from the exercise in full by the underwriters of an over-allotment option to purchase an additional 25,012,500 Common Shares at the Offering Price. (Complete Text of Jun 5, 2009 News Release)
SUNCOR ENERGY INC.
Thursday, June 04, 2009
Suncor Energy reported that production at its oil sands facility in Alberta, Canada during May averaged approximately 296,000 barrels per day (bpd). Year-to-date oil sands production at the end of May averaged approximately 286,000 bpd. Suncor is targeting average oil sands production of 300,000 bpd (+5%/-10%) in 2009. (Complete Text of Jun 4, 2009 News Release)
ALBERTA OILSANDS INC.
Thursday, June 04, 2009
Alberta Oilsands announced that it has entered into a farm-in agreement with a privately held Canadian oil and gas producer. The farm-in lands are located in the Hines Creek area of the Peace River Arch region in northwest Alberta, approximately 100 kilometers southeast of the company's recent Ladyfern/Chinchaga Slave Point discovery well. (Complete Text of Jun 4, 2009 News Release)
CONNACHER OIL AND GAS LIMITED
Tuesday, June 02, 2009
Connacher Oil and Gas Limited announced today that it has received notice from RBC Capital Markets, on behalf of the underwriters of the Corporation's equity financing announced May 19, 2009, that the underwriters have exercised their over-allotment option to purchase an additional 25,012,500 common shares of Connacher. As a result of the exercise of the over-allotment option in full, the aggregate gross proceeds to Connacher of the financing will now be $172,586,250. The closing of the financing, including the over-allotment option, is expected to occur on or about June 5, 2009. (Complete Text of Jun 2, 2009 News Release)
SOUTHERN PACIFIC RESOURCE CORP.
Friday, May 29, 2009
Southern Pacific Resource Corp. has submitted an application today to the Alberta Energy Resources Conservation Board (ERCB) and Alberta Environment for the development of its first 12,000 barrel per day bitumen project, utilizing proven in-situ steam assisted gravity drainage (SAGD) technology. Submission of this application is believed to be the final step before contingent resources on the corporation’s STP-McKay project can be reclassified as Probable and Possible reserves. The project application is a complete and encompassing document that addresses all of the necessary and stringent requirements that must be met prior to approval of a commercial project of this size. The STP-McKay project is located approximately 45 km northwest of Fort McMurray, Alberta, Canada. Property: MACKAY RIVER/ SOUTHERN PACIFIC(Complete Text of May 29, 2009 News Release)
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